The U.S. District Court for the Southern District of New York has approved the settlement brokered between Funicular Funds, LP, represented by Morris Kandinov LLP, and Pioneer Merger Corp., a SPAC that obtained a cash termination fee after its proposed business combination was terminated. The case arose from a dispute between Class A and Class B stockholders as to entitlement to the SPAC’s residual assets, including the termination fee. The settlement will result in a minimum distribution of $0.23 per share to Class A stockholders who held shares of Pioneer Merger Corp. at the time of its share redemption in 2023.
Contact Aaron Morris for additional information or visit the settlement website.
